Grenada

Grenada treats cryptocurrencies as property or intangible assets, not as legal tender. The country has a regulated status for virtual assets through its Virtual Asset Business Act, which establishes a framework for virtual asset businesses, including registration and anti-money laundering (AML) compliance. General tax laws apply to individuals holding or transacting with crypto. The Grenada Inland Revenue Division (IRD) is responsible for administering income tax and general tax compliance, which includes any taxable crypto-related income. The relevant legal frameworks include the Virtual Asset Business Act (July 2021) and the Income Tax Act. For individuals, Grenada does not impose any capital gains tax. This means all gains derived from the sale, exchange, or disposal of cryptocurrencies are exempt, regardless of how long they were held. However, income generated from commercial cryptocurrency activities, such as operating a crypto business or engaging in extensive trading that constitutes a business, is subject to individual income tax at progressive rates ranging from 10% to 30%. For corporations, commercial crypto activities are taxed at the standard corporate income tax rate of 28%. A 15% Value Added Tax (VAT) applies only when cryptocurrencies that have appreciated in value are used to purchase goods or services. Crypto-to-crypto exchanges or pure trading activities are not subject to VAT. The tax treatment for certain crypto activities remains less defined. For staking, if it's considered a passive activity, rewards are likely exempt. However, if staking is deemed a commercial operation, the income would be taxed under individual progressive rates (10-30%) or corporate tax (28%). Mining rewards are explicitly treated as business income and are taxed at individual progressive rates (10-30%) or the corporate rate (28%). Decentralized Finance (DeFi) activities generally follow the capital gains exemption for gains, but any income generated through commercial DeFi operations would be subject to income tax. Non-Fungible Tokens (NFTs) are considered property, and individual gains from their sale are exempt, consistent with the absence of capital gains tax. Exchanging crypto for fiat currency or swapping one cryptocurrency for another is not a taxable event for individuals.